Topic: Bitcoin for newbies like me - page 2. (Read 449 times)

That is because your transaction was not confirmed, it was pending for 7days because no enough transaction fee and it didn’t go through, once your payment goes through it cannot be reversed unless the receiver is a good person and decides to send it back. This is to say that carefulness should be considered when inputting addresses,in order to avoid been in such situations.

I think Bitcoin is a very good cryptocurrency.  Bitcoin does not compare to other cryptocurrencies.  Bitcoin is very valuable to everyone whether you are new or old.  Those who managed to hold on to Bitcoin around 2012-13 are now profiting.  Many may be regretting now.  Because the price of Bitcoin is increasing day by day.

From my little experience, I must confess that Bitcoin transaction is actually reversible, but that is if only the transaction fee is not enough so as to enable it have a slot in the next consecutive blocks, because I have had a transaction which got reverse before, after staying pending for over a week and on the 7th day It was cancelled due to low fee to grant it's space in the Bitcoin blocks.

But that can only be possible if Bitcoin is regulated in that country, because if Bitcoin is not regulated, it will be very hard for it to be taxed.

If the person decided to send it back then the amount won't be the same as before if the person who is going to send it back deduct some btc from the amount that the person received for transaction fee. I am sure you get what I mean that if you sent 1 btc to me by mistake and I decided to return it then it won't be 1 btc that you will receive unless I spend my own money to return exact amount that you mistakenly sent to me (that depends on the person but for me, I'd rather not use my own funds just to return the btc after all, it isn't my fault for sending it to the wrong address. Regarding the explanation above, it is important that you should always triple check the details before sending.

Mr. Andreas Antonopoulos, I’ve heard about him, they call him the Greek bitcoin guy because he talks about bitcoin. I’ll check him out, thanks for the mention

Yeah..some persons today do depend on people research and  that is one of the things that failed some of bitcoin investors because they basically rely or depend on information extract by someone else..if you what to scale through in cryptocurrency investment and mostly in bitcoin and some of the potential altcoins you have to make a research and compare your research with any other person that you think that he or she the information will yield positively to what you think that will elevate you.

Bitcoin is indeed a currency in El Salvador but it is not the only currency as it is existing side by side with fiat the Salvadoran Colón (SVC). Another country that have legalized Bitcoin is Central African Republic (CAR), here it is also existing together with their local currency. So I support you that Bitcoin is now a currency in some countries even though they did not replace their fiat with Bitcoin. Assuming it were today that country like Zimbabwe abandoned their currency, they would have simply adopted Bitcoin instead of the confusion they had allowing their citizens to use any foreign currency.

In many countries where Bitcoin is banned, it is still being used secretly. I remember China and Bangladesh all not being friendly with Bitcoin yet people still find their way to use Bitcoin. Recently Nigeria have joined them yet people are still using Bitcoin in large volume. There is really little the government can do in stopping the total usage of Bitcoin.  

Before starting anything that has to do with crypto investment, we must make sure that we have already secured a certain learning ground for ourself, this will help us have various ideas in knowing what next to do and what to avoid doing, but its a pity that many of the newbies does not go through the required learning process before investing, and such occurs along the line that they cant withstand any market challenge, while some often fall a victim to scam because they don't understand how to prevent such from happening.

It is most important to be cautious in any aspect, here we are going to be the most cautious when it comes to Bitcoin transactions. Because once you move to another address by mistake, it is impossible to go back, so you should keep calm and complete the transaction only when you have enough experience. I certainly support your rules and find it most important to try to follow them.

In my opinion, long-term investment is not suitable for beginners. Knowledge is important for beginners, it provides a broad picture of the investment they will make.
but to make long-term investments not only requires knowledge but also experience. and experience that beginners rarely have, although they can get it from the experience of others.

I think beginners would be better off investing in the short term or medium term. because beginners still tend to panic more quickly about market conditions, they must take advantage of the profits they get, even though they are small. it is to give novice investors experience with the market. To be able to withstand the long term, beginners need a good experience process.

Take note so you don't make mistakes, it is not a bad idea to listen to the opinion of others but the most important thing to do is to always verify every information to be true before making use of it. There are useful informations online and in social media but based on the level of scams that has been experienced by people that is why doing a personal research before doing an investment is mandatory.

Having knowledge in bitcoin before investing helps to reduce the risk of in losing money so no matter the nature of the investment, master what you want to invest on, learn from others first before doing your research and focus on a long term investment especially for newbies to avoid panic when the market is not going well as you predicted.

Security of your funds is very important, in fact you might have thousands ,Millions and Billions in crypto and not have anything if you didn't take security measures seriously, because scammers can run you down at anytime when you didn't properly secure your funds, As a Bitcoin enthusiasts, You should first learn how to store your funds safely, and secure it from possible scammers,and this is something we shouldn't even play with as we take charge of our funds in the digital space and this revolution of money.

You are a newbie, still new to all these am I right? I think you should not focus on what you know already, instead try looking out for what you don't know, there are many things a newbie need to know about how to keel their wallets safe.

Also there are different type of Bitcoin wallet, while some are not a good idea for storing your Bitcoin.

There are closed source bitcoin wallet, and also online Bitcoin wallets, these type of wallets are bad for storing Bitcoin.

If you don't know this already I suggest you should start looking forward into learning more about Bitcoin before you can consider yourself as someone who can teach others.

The best Bitcoin wallets are those that are noncustodial and also fully open source, for example Electrum and Trezor hardware wallet.

Good, you are also a newbie but you have already known some things about Bitcoin, this is how every newbie should learn not in any other way than coming to the forum and asking about how to get merit and how to make money in the forum, the one that I will said you should take very important serious and important is number one, which stated that you have to secure your wallet, secure your wallet is very important and before investing in bitcoin or buy bitcoin you should have a very secure wallet that no one will have access to it except you, another person having access to your wallet is a problem is not safe.

Secondly, number two stated that you should know the transaction is irreversible once you confirm unless the receiver decides to send it back. No matter how lazy you are pls try to check on your transactions before confirming them, this day, you will find it difficult to have someone who is God fearing and return your coin, it will be difficult with this kind of hard economy, during the transaction process make sure the wallet address is correct before you went and send the coin to another person because if you do that’s the end of the coin.

If it is big business or just medium one, it is true and feasible for them to receive Bitcoin in their business payments from customers. If it is small or very small business, business entrepreneurs will see this payment method is harmful than helpful.

Is it what Legal tender about?

If people want legal tender, they must know what it is and what they will have to obey if Bitcoin is legal tender in their country or the globe.

Not all El Salvadorians support Bitcoin but Bitcoin already became legal tender in their country years ago and they have to deal with it.

Most Newbies join cryptocurrency without really knowing much about it thinking it is something they can venture into without actually learning about it and make quick money from it, and that is the mistake they make which is why most of them lose a lot of money at that time. Because people make money from cryptocurrency doesn’t mean it is that easy, ask them how much knowledge they acquired before making money from it and you will understand it requires lots of time and effort. My advice for newbies is to not skip the learning process as it will come in handy for them and will help them in their journey.

This is also an important step in the crypto world because scammers are everywhere looking around for victims who fail to secure their wallets properly. Wallet security is very important because they hold your crypto assets and without securing it properly you risk losing your assets and when lost you are not an investor anymore and your goal of profiting from your investment will end. Your crypto assets is the most valuable thing so securing where they are stored should be your first priority to keep it out of reach for scammers.

All these are things you know as you are learning about bitcoin and that’s why it is important to always double check the receiver’s address before making transactions. A single mistake will make you lose your coin and there is no way to recover them unless the recipient decides to send back as Op has stated.

To achieve this one needs to study alot about bitcoin to understand its behavior properly and the market movement and how the market gets manipulated at times. Bitcoin’s volatility makes it difficult to predict it movements but with a lot of studying you can actually get better at predicting it next movement.

In General one cannot escape learning and studying bitcoin if they truly want to succeed in cryptocurrency because alot need to be learned to increase the chances of success in crypto.

Newbies can try with other resources to learn about Bitcoin, for average joe.

Learnmeabitcoin.com for beginners. It has an advanced page too.
Bitcoin information & resources

With newbies, learning about security is important too.
Security checklist

You need knowledge to succeed in the crypto space because even though transactions are visible on the blockchain, only someone with basic understanding of bitcoin and blockchain will know how to use block explorers to track transactions. I think every newbie looking to learn more about Bitcoin should follow Andreas Antonopoulos. His content is very interesting and simple to understand.

That's one thing that the nocoiners think about Bitcoin, it's a rich quick scheme. Those that don't do research think that's how people make money from here.

That, upon investing in Bitcoin, profits shall come asap. But no, it's the same in the real world that money don't grow in the trees and so with that expectation, from a newbie like you needs to be patient and research as much as you can at most times.

Yes thanks for your input especially the get rich quick scheme, people think once they get into bitcoin they’ve made it and they want it quick so they can flex before their peers and this mindset often leads to greater loss.
One has to be careful, patient smart and very informed. There’s nothing free even in free town and as such you have to work for your money and make wise investments.